The Giants and free agent starter Alex Cobb officially finalized a contract Tuesday night, bringing contract details to light.
Cobb, 34, is joining the Giants on a two-year, $20 million deal. In the fine print: Cobb’s base salary for the next two years is set at $9 million and San Francisco has a $10 million club option for 2024 with a $2 million buyout.
Simply, the deal is a low risk, high reward signing akin to recent contracts the Giants front office has given to free agent starters.
Last year with the Los Angeles Angels, Cobb posted an 8-3 record with a 3.76 ERA in 18 games started. He recorded a career-high strikeout rate (9.45 per nine innings) and allowed just 0.48 home runs per nine. He thew a split-fingered fastball even more frequently than former Giant Kevin Gausman, and generated a 53.3% ground ball rate.
Health has historically been a concern for Cobb, though. His injury history includes Tommy John surgery, hip surgery, a procedure to remove a blood clot and a scary concussion from a comeback in 2013. In three of the past five full seasons, Cobb made fewer than 20 starts (he was healthy in the shortened 2020 season).
But the contract should mitigate some risk. The $9 million average annual value would make Cobb about the 38th highest-paid starter, in-line with mid-rotation 30-year-olds like Mike Minor and Corey Kluber. When available, Cobb’s been much better than that; of his seven seasons with at least 10 starts, he’s posted an above average ERA+ in five.
The club option for 2024 also allows SF’s front office to weigh a decision with much more applicable information — Cobb’s 2022 and 2023 health and performance — and $2 million is swallowable.
As of right now, the only money San Francisco has committed to 2024 is Anthony DeSclafani’s $12 million. An extra $10 million for Cobb, if he’s proven he can stay healthy and effective into his mid-30s, could be a bargain.
Cobb and Giants president of baseball operations Farhan Zaidi are both expected to address the media on Wednesday.
